Stocks

Idea Cellular hits 6-month high on merger talks with Vodafone

Reuters | Updated on January 12, 2018 Published on January 31, 2017

idea

Shares of Idea Cellular hit near six-month high on merger talks with Vodafone.

The stock as much as 8.39 per cent to its highest since August 8, 2016.

The stock gained 25 per cent in the previous session after Vodafone Group said it was in talks to merge its Indian unit with Idea Cellular.

The stock was among the top percentage gainers on the NSE index.

More than 57 million shares traded, four times the 30-day moving average.

Seven of 29 brokerages rated the stock as “buy” or higher, 9 “hold” and 13 rated it as “sell” or lower.

The stock was up nearly 32 per cent this year as of Monday’s close.

Published on January 31, 2017
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